China Northern Rare Earth (Group) High-Tech Co.,Ltd (SHSE:600111) agreed to acquire Baotou Iron and Steel Group Energy-Saving and Environmental Protection Technology Industry Co., Ltd. from Baotou Iron and Steel (Group) Co., Ltd. for approximately CNY 840 million on April 14, 2021. As of December 31, 2020, Baotou Iron and Steel Group Energy-Saving and Environmental Protection Technology Industry Co., Ltd. reported total assets of CNY 1.37 billion, net assets of CNY 781.73 million, revenue of CNY 657.13 million and net profit of CNY 93.01 million. The transaction is subject to China Northern Rare Earth (Group) High-Tech Co.,Ltd's shareholder approval. The transaction is approved by the board of directors of China Northern Rare Earth (Group) High-Tech Co.,Ltd on the 27th meeting of the 7th directorate held on April 14, 2021.